There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?

A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a principal residence within the past three years.

Benefits of being a First Time Home Buyer:

• On FHA Loans the MIP Cap of 2.25% can be lowered to 2.0% if the client is a First Time Home Buyer

• Eligible to qualify for State Specific Finance Companies like VHDA for Virginia for instance which provides down payment and closing cost assistance up to 103% financing.

• Access to Government Funds and Government Grants found here First Time Home Buyer Grants

• Check with your Local Mortgage Expert and Real Estate Agent for they might have First Time Home Buyer Discounts and Specials.  For Example with my clients I have $300 off closing costs for First Time Home Buyers.

• Last but not least, we can't forget that First Time Home Buyers biggest benefit is finally accomplishing the American Dream of Home Ownership!

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)